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Hi TheEventHorizon,
The situation with IG must be infuriating.
No certificates are available at present whoever your broker is, so when/if they are available again that's when IG must surely get them on your behalf?! Mysquar will have a record of the number of shares held by IG, so the 2 organisations would have to liaise to provide certs. If that day ever arises then you and other account holders would have to demand action. Complaining will always work as they must follow the FCA complaints process.
I suspect that soon II will take the same stance. They told me that the shares will show in my account until such time that they deem them to have zero value. No idea how or if they will arrive at that decision while Mysquar is still trading.
What a mess.
Hi ARDUK
looks like we are in the same boat. I did not get any email asking me to confirm my contact details and IG have simply gone and closed the position as quietly as possible.
A part of me is concerned as, regardless of value, those shares belong to me so should be sat in my dealing account. MYSQ has said there is zero value to shareholders, does that mean this will always be the case? If so then no point in having a certificate. However, if MYSQ decide to fix their wrong doings then I am entitled to £40k worth of shares to which I don't have a certificate thanks to IG.
I'd be interested to hear how you get on with your complaint. I have acknowledged my loss and, partially, moved on. It's just really disheartening to see no one gives a ****. This is the UK ! we have laws in place...lol how naive was I
I contacted the FCA and received the following reply:
Thanks for your further email about IG and for confirming the full name of the firm as IG Index. I appreciate the time you've taken to send me this information.
Contacting the firm
I've checked the Financial Services Register for IG Index's complaints contact details, and can confirm that these are:
Joe McCaughran
IG Index
Cannon Bridge House
25 Dowgate Hill
London
EC4R 2YA
Telephone: 0207 573 0153
Email: joe.mccaughran@ig.com
When you contact the firm, you can ask them what deadlines they're referring to and whether they consider themselves responsible for obtaining the shares for you. While we're not able to help you resolve your complaint, it would be helpful as part of our supervision of the firm to understand what they consider their role to be in this situation.
I hope this is helpful and look forward to hearing from you soon.
Yours sincerely,
Nicci Grady
Supervisor / Supervision Hub
Supervision – Retail and Authorisations / Tel: 0207 066 1000
12 Endeavour Square
London
E20 1JN
www.fca.org.uk
I sent an email to them explaining the issue, and asking them to confirm the apparent deadlines they are referring to and whether they consider themselves responsible for obtaining the shares for me (as my broker). I have asked for this deadline a number of times but no one has been able to give me an answer.
A subsequent email reply followed:
I am writing to formally acknowledge receipt of your complaint.
Your complaint will be handled in accordance with our Internal Complaints Procedure and a written reply should be sent to you within 8 weeks of the date on which we received the complaint. I am able to review previous correspondence regarding the account, however if you have any additional information that you would like me to consider as part of my investigation please reply to this email.
I am sorry that you found it necessary to complain and hope that matters can be resolved satisfactorily.
Best regards,
JOANNA JABLONOWSKA
Compliance Assurance - Analyst
IG, ul. Kapelanka 42B, Kraków, 30-347
D: +48123762335 | T:
www.ig.com
For what it's worth, I got this from IG website :
"If you have an open position on a stock that delists, we’ll close your position at a level of zero and typically open a new position – called a ‘proceeds line’ – on your behalf which is untradeable, has no price and brings no value to your account. Once the company confirms there is no return to shareholders, which can take years, we will close your proceeds line position at the level of zero.
However, we won’t start this procedure as soon as a company announces it is delisting. The stock status will first need to be reviewed by our corporate actions and risk departments."
I guess this means even if MYSQ come back it's lights out for shareholders?!?!?!
Blackhole, I had a similar experience. I was sent an e-mail to confirm my address, which I did in the same day. I heard nothing for a few weeks so I chased. I got a response saying they tried to ring me and sent me an e-mail asking me to confirm, which I did. I was told I would get them in the post and nothing either.
TheEventHorizon - IG failed to get my paper certs and I DID request them. I requested May and got no response. Chased 2 weeks later and was told they would sent soon. 1 week later was ask to confirm my address which I did the same day. 1 month later (early July) had no response again so chased. They had the cheek to say the stock was removed from Crest in the time it took me to confirm my address!!! What a total joke!
Hi TheEventHorizon
Yes, the whole situation has been very unsatisfactory. I really don't know if we have much hope of ever getting anything back but it seems that at least the company is still running. Good luck to us all.
Hi Candybelle,
I'm not liking the situation I'm in. Like all I have lost my investment, but the way it's been wiped of my account by IG without any sort of attempt at contacting me, that can't be right.
When I called IG I kept asking if they were suppose to get my consent and if they made any attempt at contacting me. The personal I spoke with avoided answering these question and kept saying there is nothing he can do.
MYSQ have done a runner with my money that does not mean IG can treat a paying customer like this.
TheEventHorizon - That is what Selftrade have done with a couple of my shares that have been delisted. However, with these I did receive a paper certificate and hadn't even asked for one. Quite surprised as I never had much faith in Selftrade.
MrM,
I totally agree with what you are saying but in my case the shares have disappeared...gone. I'm not really interested in the certificate as a peace of paper does not add any value to this loss, however, what I was expecting was that the shares would have been moved from my ISA to my share dealing account and sat there.
This is not the case as they have been removed/deleted altogether. So in the event something positive happens it would be just my word that I had £40k worth of shares.
Some might say I will have a transaction statement, which I do, but surly IG can't just remove the shares from my account ? without even attempting to contacting me.
IoM,
That was my conclusion. Even if they were available at this time there would be no advantage of having the paper version.
Why waste even more money, even if it is only £25?! I won't be paying for paper certs until I'm forced to and even then only if I think there is some hope of being worth more than the present value of zero. I've lost £20k so my instinct is to have the certs but it would be utterly pointless at this time.
I asked HL for my paper share certs and got this reply:
In answer to your second question, I'm unable to see any instruction from you to withdraw your MySQUAR Ltd shares in paper certificate form. To do this, please send us a secure message and we will arrange for a share certificate to be sent to you at a charge of £25. Please note that you can continue to hold your MySQUAR Ltd shares in your Fund & Share Account at no charge.
No point in getting the paper docs unless someone can say otherwise? Cheers